The next time a salesclerk tells you that you can save 10 percent on your purchase by signing up for a store credit card, try this answer: "No thanks." Sure, that savings is a temptation—but having the credit card will be an even bigger one. Making matters worse, department-store cards often come with sky-high interest rates. Your best strategy for handling plastic: Have one or two no-fee, low-interest major cards on hand for convenience sake, and be sure to pay the full amount you owe on your cards each month.

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